Paying his dues: In posting a $3.3 billion second-quarter loss, WaMu said Killinger won't get an incentive bonus for 2008.

Why he's miserable: WaMu has posted three straight quarterly losses. A mid-decade push into the murkier corners of the mortgage
market has forced the bank to add $12 billion to loan-loss reserves over a year.

Why others are miserable: An April sale of stock to private equity investors led by TPG cut existing shareholders' stake in half. The stock has dropped by two-thirds since
then, raising fears that another dilutive capital-raising is on the way.